Tax revenue rises $4.3 bil. in January on increased value-added tax

Korea's tax revenue increased by 6.2 trillion won ($4.3 billion) from a year earlier in January, driven by increases in value-added tax and income tax collections, government data showed Friday. The government collected 52.9 trillion won in taxes last month, up 13.4 percent from the same period last year, according to the data from the Ministry of Economy and Finance. The increase was largely fueled by higher value-added tax revenue, which jumped by 3.8 trillion won to 26.1 trillion won. Income tax revenue also rose by 1.5 trillion won year-on-year to 15.1 trillion won, the ministry said. The gain was attributed to growth in the number of employed workers, which boosted earned income tax collections, as well as increased real estate transactions that led to higher capital gains tax revenue. Meanwhile, securities transaction tax revenue climbed by 200 billion won to 400 billion won, supported by a surge in trading volume on the benchmark KOSPI market amid a market boom.